Russian stocks saw wild swings as the market reopened for limited trading after being closed for a month, and US stocks rallied.

Stock trading was suspended in late February after President Vladimir Putin invaded Ukraine and the market fell by a third in one day.

The Moscow stock exchange resumed trading overnight for four hours on 33 Russian stocks, including oil and gas giant Gazprom and Sberbank.

The Russian MOEX index jumped 10%.

It closed up 4.4% at 2,579, with energy and mining stocks driving the gains.

Short selling of bonds has been prohibited. And foreign investors will not be able to sell shares or bonds in OFZ rubles before April 1.

Oil companies Rosneft and Lukoil jumped, while aluminum companies Rusal and Norilsk Nickel also rose.

Airline Aeroflot fell 16.4%.

The White House said the reopening of the market was a “charade”.

The ruble rose 6.2% to 109.75 against the greenback.

Russia will sell gas in rubles

German Chancellor Olaf Scholz, Italian Prime Minister Mario Draghi and other European Union leaders have called on Russia to honor payments for gas exports specified in the contract, usually in US dollars or euros.

Mr Putin said yesterday that “unfriendly” countries should pay for gas contracts in roubles.

Gas prices jumped after Mr Putin ordered Russia’s central bank to prepare measures to force some buyers to make ruble payments for natural gas within a week.

The EU is planning measures to wean itself off Russian energy.

Russia supplies about 40% of Europe’s gas and 60% of its oil.

But the Belgian prime minister said oil and gas sanctions against Russia would have a “devastating” impact on Europe’s economy and were not “necessary”.

Rally of US stocks

Wall Street jumped on good economic data and investors bought the dip.

The Dow Jones Index rose 1% to 34,708, the S&P 500 rose 1.4% to 4,520 and the Nasdaq gained 1.9% to 14,192.

Tech stocks like Nvida and Intel boosted the market.

The greenback rose for the fourth time in the past five sessions as economic data confirmed expectations that the U.S. central bank would rapidly raise interest rates this year to curb inflation.

Initial jobless claims fell to 187,000 last week, seasonally adjusted, the lowest since September 1969.

Meanwhile, durable goods orders fell last month as shipments slowed.

The Australian dollar rose 0.2% to 75.16 US cents at 7:00 a.m. AEDT.

Bitcoin rose 3.5% to $43,859.

The ASX SPI 200 index rose 0.5% to 7,386 at 7:15 a.m. AEDT.

In Europe, the FTSE 100 index rose 0.1% to 7,467.

Brent crude fell 3% to US$117.89 and spot gold rose almost 1% to US$1961 an ounce.